No. Not needed. Run NSControl update.
Here's an excerpt from BOL that steps you through the process.
Updating an Application

After you deploy a Notification Services instance, you can update
individual applications hosted by the instance. You update an
application by updating the application definition file (ADF), modifying
any of the operational files (such as by adding or deleting XSLT files
or custom components), and then using the NSControl Update command to
apply the changes.

To update a single application, you do not need to stop or disable the
entire instance. You can leave other applications hosted by the instance
running while you update a single application. However, if you also
change values in the configuration file, you must disable the entire
instance before applying the update.

When you update an application, consider the following:

If you change a subscription class in the ADF, NSControl Update usually
must create a new subscriptions table. NSControl Update backs up the
existing table. For more information, see NSControl Update.
Updating an application typically deletes event and notification data.
Plan to resubmit any batches of events that have not been processed
before the update, or any batches of events that would have been
processed while the application is being updated.

Important You can rename the application in the configuration file.
However, this is considered a change to the instance properties, so it
requires you to disable the instance. When you apply the name change,
Notification Services creates a new application database, but does not
delete the old database.

To update one application with no configuration changes

Update the elements in the ADF and any operational files, such as XSLT
files and DLLs for custom components.
Back up the instance and application databases. For more information,
see Backing Up Databases and Other Files.
On the Start menu, point to Programs\Microsoft SQL Server Notification
Services, and then click Notification Services Command Prompt to open a
command prompt window.

Type the following command to disable the application:
nscontrol disable -name instance_name -application application_name
Type the following command to apply the changes made in the ADF:
nscontrol update -in configuration_filename

If the instance or application uses command-line parameters, your
NSControl Update command will contain additional arguments. For more
information, see NSControl Update.

To update performance counters, stop the NS$instance_name service and
re-register the instance using NSControl Register.
This updates performance counters, user names, and passwords. If you do
not use the performance counters or do not need to update them, do not
perform this step.

From a command prompt, type the following command to enable the
application: